US Patent Issued to NCHAIN LICENSING on June 3 for "Computer-implemented system and method for time release encryption over a blockchain network" (British Inventors)

ALEXANDRIA, Va., June 4 -- United States Patent no. 12,323,516, issued on June 3, was assigned to NCHAIN LICENSING AG (Zug, Switzerland).

"Computer-implemented system and method for time release encryption over a blockchain network" was invented by Thomas Trevethan (London) and Craig Steven Wright (London).

According to the abstract* released by the U.S. Patent & Trademark Office: "A digital time-lock contract specifies that an agent holds an encryption private key corresponding to an encryption public key on a blockchain network and then releases the encryption private key to the blockchain network within a specified time window. An agent provides a first cryptographic asset for holding and then releasing the encryption private key to th...